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Title: What does meant by confirmation in bitcoin payment actually?? Post by: JITENDERPAR3 on September 27, 2016, 05:52:53 AM i want ask what does meant by confirmation of paymemt . why did it made for . while this system of confirmations is not in bank account system .
Title: Re: What does meant by confirmation in bitcoin payment actually?? Post by: hajimasan on September 27, 2016, 05:53:49 AM i want ask what does meant by confirmation of paymemt . why did it made for . while this system of confirmations is not in bank account system . When user A sends Bitcoins to user B, user A signs thetransaction with his private key. This signed transaction is being sent to the Bitcoin network and all the nodes collect, confirm and pack these transactions to blocks by mining. Title: Re: What does meant by confirmation in bitcoin payment actually?? Post by: achow101 on September 27, 2016, 12:14:12 PM i want ask what does meant by confirmation of paymemt . why did it made for . while this system of confirmations is not in bank account system . Confirmations happen when a miner includes a transaction in a block, and then that block is built upon with other blocks by miners.It is a distributed timestamping server that guarantees that transactions happened in a certain order. This doesn't happen in traditional banking because banks are centralized an do not need a trustless way to determine the order of transactions whereas Bitcoin does need some way to do that. Title: Re: What does meant by confirmation in bitcoin payment actually?? Post by: shield132 on September 27, 2016, 12:25:37 PM When you send bitcoin to someone, that has 3 piece of information:
1. An input 2. An amount 3. An output To send bitcoins, you need bitcoin address and a private key, your transaction must be verified by miners, you are sometimes forced to wait until they have finished mining. The bitcoin protocol is set so that each block takes roughly 10 minutes to mine. If you have some questions about bitcoin, than there is also great bitcoin wiki where you can find answers on most of your questions and there is explained in detail many things about bitcoin, it's network and etc.. Here is the link: https://en.bitcoin.it/wiki/Confirmation Title: Re: What does meant by confirmation in bitcoin payment actually?? Post by: Abicidieffe on October 07, 2016, 03:50:38 PM i want ask what does meant by confirmation of paymemt . why did it made for . while this system of confirmations is not in bank account system . a transaction is confirmed when it is included in a block mined by a miner. for example 1 conf. = the last block contains your transaction, 2 conf. = your transaction is included in the second-last block and so on. more confirmation = more certainty that your tx is in the right chain and not on a fork Title: Re: What does meant by confirmation in bitcoin payment actually?? Post by: ranochigo on October 07, 2016, 03:56:24 PM When you send bitcoin to someone, that has 3 piece of information: The transaction contains the UXTO as inputs and the outputs with scripts describing the conditions for the outputs to be used as inputs in the future. The unused inputs are sent as fees. 1. An input 2. An amount 3. An output To send bitcoins, you need bitcoin address and a private key, your transaction must be verified by miners, you are sometimes forced to wait until they have finished mining. The bitcoin protocol is set so that each block takes roughly 10 minutes to mine. Miners are merely putting transactions in with a bunch of other stuff (merkle root, hash of last block, timestamp etc.) and increase the nonce till they found a block that fits the target requirement. Once they fit the target requirement, the block is broadcast. If the block has your transaction, you gain a 'confirmaiton'. Bitcoin's difficulty is adjusted every 2016 blocks to try to keep the time at around 10 minutes. Title: Re: What does meant by confirmation in bitcoin payment actually?? Post by: DannyHamilton on October 07, 2016, 04:53:48 PM When you send bitcoin to someone, that has 1. A transaction version number 2. A number indicating the quantity of inputs 4. A number indicating the quantity of outputs 6. A locktime Each input in the list of inputs consists of: 1. A Previous Transaction hash indicating which transaction created the output that is being used as an input to this transaction. 2. An index indicating which of the one or more outputs created by that previous transaction are being spent as an input to this transaction. 3. A number indicating the quantity of bytes in the scriptSig 4. The scriptSig (typically the script that provides the ECDSA signature calculated with the private key). 5. A sequence number Each output in the list of outputs consists of: 1. The value of the output represented as a number of satoshis 2. A number indicating the quantity of bytes in the scriptPubKey 3. The scriptPubKey (typically the script that provides the public key hash calculated from the bitcoin address) To send bitcoins, you need the recipient's bitcoin address and If you have some questions about bitcoin, than there is also great bitcoin wiki where you can find answers on most of your questions and there is explained in detail many things about bitcoin, it's network and etc.. Here is the link: https://en.bitcoin.it/wiki/Confirmation There. I fixed that for you. |